AGRO BANK TO BENEFIT FROM SINO INVESTMENT

TADB’s Acting Managing Director, Mr Francis Assenga.

Tanzania's Agricultural Development Bank (TADB) has negotiated with two key financial and economic institutions in China for the acquisition of major investments in infrastructure and industries in the country especially in the agricultural sector.

The discussion was made between the TADB delegation which was led by the acting Managing Director of the Bank, Mr Francis Assenga when he met with the representative of CEO of the China Development Bank (CBD) at the Conference held at Shangrila Hotel, in Guangzhou, China during the Joint Trade and Investment Summit between Tanzania and China.

During the discussion, both parties agreed to continue and strengthen cooperation that would enable the financing of investments in agricultural sector especially in designing small-scale enterprises on agricultural crops for farmers.

Moreover, in the course of the visit, the TADB also conducted a comprehensive discussion with the China African Development Fund (CADFund) which is Beijing’s Africa-focused equity investment fund. CADFund upholds the philosophies of sincerity, results, affinity and good faith in China-Africa cooperation.

The talks were attended by a delegation led by the Vice-President and Chief Executive Officer of CADFund , Mr Wang Yong, who was accompanied by the Director General for Industry, Agriculture, Health and Investment, Mr Lei Ma, Director General for Marketing Development and External Services, Mr Henry Liu and Manager for Industrial Investment, Land and Agriculture, Mr Luo Zhongquan.

In the negotiations, CADFund also agreed to continue investing in economic projects and major investments in four main areas including agriculture, industrial, and mining as well as water and irrigation infrastructure.

In addition, CADFund and TADB have identified several integration areas such as audit and project management, research, inspection, with capacity building.

Furthermore, TADB will benefit from CADFund that operates under the government-guided, company-centered, and market-oriented and win-win cooperation principles.

It focuses on solving the three bottlenecks (inadequate infrastructure, lack of professional and skilled personnel, and funding shortage) that Africa faces in its course of development.

In addition the CADFund supports the acceleration of the industrialisation and agricultural modernisation in Africa, and helps Africa to realise sustainable development on its own.

Tanzania's delegation was led by Permanent Secretary from Ministry of Industry, Trade and Investment, Prof Adolf Mkenda who was accompanied by Tanzania's Ambassador to China Mbelwa Kairuki and Mr Lusekelo Gwassa, an official from Tanzania's Embassy in Beijing.

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